AMF Tjanstepension AB Lowers Holdings in Newmont Co. (NYSE:NEM)

AMF Tjanstepension AB decreased its holdings in Newmont Co. (NYSE:NEM) by 40.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 282,255 shares of the basic materials company’s stock after selling 191,067 shares during the quarter. AMF Tjanstepension AB’s holdings in Newmont were worth $11,829,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Newmont by 43.8% in the fourth quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock valued at $4,915,059,000 after acquiring an additional 36,170,995 shares in the last quarter. Van ECK Associates Corp raised its holdings in Newmont by 57.2% in the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock valued at $2,122,913,000 after acquiring an additional 18,664,614 shares in the last quarter. Norges Bank acquired a new stake in Newmont in the fourth quarter valued at approximately $604,516,000. Charles Schwab Investment Management Inc. raised its holdings in Newmont by 44.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock worth $1,019,813,000 after purchasing an additional 7,635,657 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Newmont by 39.8% during the first quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock worth $832,354,000 after purchasing an additional 6,617,145 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Transactions at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the transaction, the chief executive officer now owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.06% of the company’s stock.

Newmont Price Performance

Shares of NYSE NEM traded down $1.20 during trading on Wednesday, hitting $46.40. 5,663,016 shares of the company were exchanged, compared to its average volume of 11,198,878. The company has a market cap of $53.51 billion, a price-to-earnings ratio of -17.82, a PEG ratio of 0.37 and a beta of 0.47. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $50.72. The firm’s fifty day moving average price is $44.15 and its 200 day moving average price is $39.37. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.62 by $0.10. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business’s revenue was up 64.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.33 EPS. On average, sell-side analysts expect that Newmont Co. will post 2.76 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 2.16%. Newmont’s payout ratio is currently -37.45%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NEM. Jefferies Financial Group raised their price objective on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, July 12th. StockNews.com raised shares of Newmont from a “sell” rating to a “hold” rating in a report on Friday, April 26th. JPMorgan Chase & Co. cut shares of Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. National Bank Financial cut shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a report on Tuesday, April 30th. Finally, Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Seven research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.00.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.